GAMING FIRM IP E-Game Ventures, Inc. has moved to acquire another chain of Internet cafes by as early as next month after just recently buying the Netopia franchise in line with the firm’s plans to expand the reach of its programs.
IP E-GAME will be buying a controlling stake in the operator of a chain of 23 Internet cafes in line with plans of expanding the reach of its gaming programs.
IP E-Game signed an agreement with CyberOne Technology Corp., operator of CyBr chain of Internet cafes, for 51% share of the latter’s outstanding capital, the company said in a statement yesterday without elaborating on the purchase price.
The two firms expect the deal to close within the next 30 to 45 days, “subject to…due diligence,” IP E-Game said.
“CyberOne strengthens our position in the online games segment,” Jaime Enrique Y. Gonzalez, IP E-Game chief operating officer, said in the same statement.
The acquisition is in keeping with the firm’s strategy of “creating a digital consumer platform,” IP E-Game said.
CyberOne is behind 18 company-owned and five franchised Internet cafes.
“With the founders, we plan on supporting CyberOne’s growth plans with additional capital and management support. CyberOne is an important component of our entire Internet cafe strategy,” Mr. Gonzalez added.
IP E-Game said it is planning to quadruple outlets of CyberOne and Netopia Internet cafes in the next three to five years.
Last March 31, IP E-Game closed the deal for a purchase of a 75% stake in the Netopia from Philippine Long Distance Telephone Co.’s (PLDT) wholly owned subsidiary ePLDT, Inc.
The P145-million transaction involving e-PLDT’s 97.56 million shares in Digital Paradise, Inc. is expected to add over P300 million in IP E-Game’s annual revenues, IP E-Game said in a previous disclosure.
Netopia is a chain of 78 company-owned and 34 franchised Internet cafes.
ePLDT, the information and communications technology arm of PLDT, owned three-quarters of Digital Paradise, a company formed nearly a decade ago following the PLDT group’s entry into the Netopia chain in 2001 with a P24-million investment.
IP E-Game Ventures’ parent firm IPVG reported a P11.28-million net profit in 2010 from a loss of P201.51 million in 2009.
Shares in IP E-Game Ventures, which listed by way of introduction on Feb. 17, 2010, closed 0.13% lower at P14.98 apiece last Friday.
Shares in PLDT, on the other hand, closed 0.49% lower at P2,418 per share last Friday.
Mediaquest Holdings, Inc., a subsidiary of the Beneficial Trust Fund of PLDT, has a minority stake in BusinessWorld. -- Kathleen A. Martin
The two firms expect the deal to close within the next 30 to 45 days, “subject to…due diligence,” IP E-Game said.
“CyberOne strengthens our position in the online games segment,” Jaime Enrique Y. Gonzalez, IP E-Game chief operating officer, said in the same statement.
The acquisition is in keeping with the firm’s strategy of “creating a digital consumer platform,” IP E-Game said.
CyberOne is behind 18 company-owned and five franchised Internet cafes.
“With the founders, we plan on supporting CyberOne’s growth plans with additional capital and management support. CyberOne is an important component of our entire Internet cafe strategy,” Mr. Gonzalez added.
IP E-Game said it is planning to quadruple outlets of CyberOne and Netopia Internet cafes in the next three to five years.
Last March 31, IP E-Game closed the deal for a purchase of a 75% stake in the Netopia from Philippine Long Distance Telephone Co.’s (PLDT) wholly owned subsidiary ePLDT, Inc.
The P145-million transaction involving e-PLDT’s 97.56 million shares in Digital Paradise, Inc. is expected to add over P300 million in IP E-Game’s annual revenues, IP E-Game said in a previous disclosure.
Netopia is a chain of 78 company-owned and 34 franchised Internet cafes.
ePLDT, the information and communications technology arm of PLDT, owned three-quarters of Digital Paradise, a company formed nearly a decade ago following the PLDT group’s entry into the Netopia chain in 2001 with a P24-million investment.
IP E-Game Ventures’ parent firm IPVG reported a P11.28-million net profit in 2010 from a loss of P201.51 million in 2009.
Shares in IP E-Game Ventures, which listed by way of introduction on Feb. 17, 2010, closed 0.13% lower at P14.98 apiece last Friday.
Shares in PLDT, on the other hand, closed 0.49% lower at P2,418 per share last Friday.
Mediaquest Holdings, Inc., a subsidiary of the Beneficial Trust Fund of PLDT, has a minority stake in BusinessWorld. -- Kathleen A. Martin
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